Dhruva Space Secures INR ₹123 Crore in Series A Funding, Sets Course for Spacecraft Manufacturing Facility
#DhruvaSpace #DhruvaSpaceFunding #SpacecraftManufacturing“This funding round is a testament to the international recognition of Dhruva Space’s capabilities and long-term impact. Our vision has always been to provide cohesive full-stack technology solutions to customers to go to Space frequently and securely, at a competitive price point. With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialisation and manufacturing of Dhruva Space’s full-stack products, enabling significant team growth, increased development of capability and infrastructure, and fueling the international expansion of our business.”- Sanjay Nekkanti, Chief Executive Officer and Co-founder, Dhruva Space
April 2024 : Chaitanya Dora, Chief Financial Officer and Co-founder, Dhruva Space, adds, “We have visionary, strong and supportive investors whose trust and confidence in Dhruva Space over the years have extended beyond the monetary well into collaboration. Since 2019, Dhruva Space is on a positive trajectory, observing a 300 percent annual growth in revenue, and this fundraise allows us to accelerate our growth, invest in innovation, and further solidify our position in the global Space market.”
Padmaja Ruparel, Senior Partner, IAN Alpha Fund, comments, "We are very excited by the stellar team of Dhruva Space founders: Sanjay Nekkanti, Chaitanya Dora Surapureddy, Abhay Egoor, and Krishna Teja Penamakuru. They demonstrated their ability to build innovative products for one of the most difficult sectors in the country, in a resilient and capital-efficient way. Their expertise and excitement built our confidence that Dhruva Space will create a place for itself in the global space-tech industry.”
Satya Narayan Bansal, Founder and CEO, Blue Ashva, expressed his admiration for Dhruva Space's pioneering endeavors. "Start-ups equipped with Space-qualified technologies are indeed rare, and Dhruva Space stands out prominently among them," Bansal remarked. "Achieving four successful Space missions within a span of two years underscores Dhruva's remarkable pace and proficiency in execution."
Highlighting Dhruva Space's latest achievement, Bansal added, "The recent successful validation of the P-30 nanosatellite aboard the PSLV-C58 further solidifies Dhruva's position as a premier destination for global players seeking to deploy their subsystems in Space. Dhruva has effectively established itself as the 'Shopify' for those aiming to leverage hosted payload services on a global scale and it makes Dhruva an ideal venture for investment."
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, adds, “We are happy to support Dhruva Space's innovative journey in reshaping space technology. Their track record, visionary team, and global engagements set them apart, paving the way for transformative advancements in the industry.”
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